• Source: SECURE 2.0 Act

The SECURE 2.0 Act of 2022, Pub. L. 117–328 (text) (PDF), was signed into law by President Joe Biden on December 29, 2022 as Division T of the Consolidated Appropriations Act, 2023. It builds on the changes made by the SECURE Act of 2019. SECURE stands for Setting Every Community Up for Retirement Enhancement.




Legislative history


Richard Neal, the U.S. representative for Massachusetts's 1st congressional district and chairman of the House Ways and Means Committee, introduced the SECURE 2.0 Act as H.R.2954 on May 4, 2021. It passed the House Ways and Means Committee on May 5, 2021, and passed the full House on March 29, 2022.
On December 20, 2022, “Division T - Secure 2.0 Act of 2022” was added to H.R. 2617 (Consolidated Appropriations Act, 2023), incorporating H.R. 2954 into the omnibus bill. The omnibus bill, including Division T, passed the Senate On December 22nd, passed the House on December 23rd, and signed into law by President Joe Biden on December 29, 2022.




Provisions


The SECURE 2.0 Act was drafted to assist in saving and investing for retirement. To that end, it contains a number of provisions to incentivize retirement planning, diversify the options available to savers, and increase access to tax-advantaged savings programs. Several of these provisions do not take effect until later year. Some of the provisions are listed here

Expands automatic enrollment for firm retirement plans
Creates a “saver's match”, a federal tax credit which can be claimed by a taxpayer for contributing to an employer retirement plan
Increases age at which required minimum distributions start
Indexes catch-up contributions to inflation
Allows employers to provide incentives (like payments or gift cards) to employees to join a plan
Changes coverage requirements for part-time employees
Allows Tax-Free Rollovers of 529s to ROTH IRAs under certain circumstances
Creates several exemptions for early withdrawals, including
Withdrawals for emergencies
Withdrawals by domestic abuse victims
Withdrawals by plan participant with terminal illness
Withdrawals relating to disaster
Corrective distributions for excess contribution
Calls for establishment of a Retirement plan "lost and found"
Allows ROTH contributions to SIMPLE and SEP IRAs
Allows participant to designate employer matching contributions as ROTH




References

Kata Kunci Pencarian:

• Barack Obama
• Britania Raya
• Perangkat lunak antivirus
• WhatsApp
• Pulau Norfolk
• Irlandia Utara
• Rantai blok
• Republikanisme di Britania Raya
• IBM
• Dwight D. Eisenhower
• SECURE 2.0 Act
• SECURE Act
• 2.0 (film)
• Consolidated Appropriations Act, 2023
• Roth 401(k)
• SAML 2.0
• Secure Fence Act of 2006
• 529 plan
• 3-D Secure
• Second Industrial Revolution